MiBiz Growth Report: April 17, 2017

BY MiBiz Staff
Sunday, April 16, 2017 02:07pm

Here is the MiBiz Growth Report for April 17, 2017.

• M&A: Dallas-based America’s Auto Auction has acquired West Michigan Auto Auction of Wayland and Parma-based Interstate 94 Vehicle Auction as part of the company’s larger acquisition strategy. The Texas company closed on the deal April 1. Both West Michigan Auto Auction and Interstate 94 Vehicle Auction were owned by Carl Miskotten, who will remain as the general manager of both facilities, according to a report in Auto Remarketing. Prior to the deal, America’s Auto Auction acquired seven facilities from Baton Rouge, La.-based Auction Broadcasting Co. in January 2017. The company operates a total of 21 auction locations across the U.S. Terms of the deal were not disclosed.

• M&A: Freehold, N.J.-based Monmouth Real Estate Investment Corp. acquired the approximately 340,000-square-foot FedEx Ground Packaging System Inc. facility located at 3466 Shippers Dr. in Walker. The sale-leaseback deal was valued at $32 million, according to a statement from the real estate investment trust. Monmouth said it will lease the building back to the Memphis, Tenn.-based shipping giant for at least 15 years. The FedEx Ground distribution center sits in the 230-acre Walker View Industrial Park near the Walker Avenue and I-96 interchange. A subsidiary of Rockford Construction Company Inc. is developing the industrial park, where executives anticipate building more industrial facilities, as well as possible hotels, restaurants and retail, according to a previous report.

• M&A: Traverse City-based Blue Lakes By The Bay LLC has acquired Celtic Transport Logistics LLC, according to a statement on the firm’s website. The deal closed Feb. 15. According to a report from Traverse City-based The Ticker, the deal was the third for Blue Lakes in recent years and helps the company expand its service area. Terms of the deal were not disclosed.

• M&A: Martin-based Marshall Plastic Film, a maker of engineered films, blown polyethylene films and custom bags in Allegan County, has been acquired by Franklin Park, Ill.-based Transcendia Inc., according to a statement. Terms of the deal were not disclosed. For Transcendia, the deal expands the company’s material science capabilities into engineered polyethylene films. Marshall Plastic serves customers in a range of industries, including the health care, food and industrial markets. According to a report in Plastics News, Marshall Plastic generated $24 million in sales in 2016.

• M&A: Entrepreneur Andrew Porter invested in White Ware Inc., a Grand Rapids-based custom software and information technology services firm. The company was established more than 30 years ago by David Whitehouse and Michael Mroczyk. Terms of the deal were undisclosed. Calder Capital LLC served as the M&A advisor to White Ware.

• Expansion: Sparrows Coffee Tea and Newsstand is expanding to the Grand Rapids’ West Side neighborhood in early June. The new location at 442 Bridge St. NW is next to Head of the Pride and until recently held Renee Austin Wedding, which last fall moved to Plainfield Avenue. Not much should change from the original Wealthy Street location — the new spot will have a capacity of 49, serve the same menu items, and also host a newsrack with all kinds of local and national magazines, according to a statement.

• Expansion: 7 Monks Taproom plans to open the doors to its new Michigan Street location on April 21. MiBiz first broke news a year ago that the beer bar and gastropub planned to set up shop on the ground floor of 740 Michigan St. NE, a building owned by 616 Lofts LLC. The concept, which originated in Traverse City, will have 51 taps at this location, with an emphasis on Trappist beer.